Science, Health and Bitcoin with Sam Abbassi - WBD569
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 19 October 2022
⏱️ 72 minutes
🧾️ Download transcript
Summary
Sam Abbassi is the founder and CEO of Hoseki. In this interview, we discuss the growing demand for proof of reserves. Whilst the use case for businesses is clear, there is also an increasing retail need: it enables individuals to use Bitcoin as collateral, but also validates financial credentials. It is another means for assimilating Bitcoin into the fiat-dominated world.
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The hodl mantra has been a vital behaviour within the Bitcoin community. It was emblematic of the transition from the current credit-based paradigm into a low-time preference mindset that reasserts storing of value. It has also been technically important in supporting the price. However, up until recently, hodling was akin to storing gold in a box or cash under a mattress. It was inward-looking.
As Bitcoin matures and its volatility declines, the value that can be ascribed to an individual by their Bitcoin holding becomes more important and useful. For a growing cohort, Bitcoin's utility requires an outward engagement with the fiat world.
As society increasingly seeks to store value in Bitcoin, it is increasingly going to become some people's main source of wealth. Therefore, reintegrating Bitcoin's store of value into the arena of working capital is becoming more acceptable; there are growing opportunities to use that Bitcoin to access working capital for things such as mortgages and other loans requiring collateral.
Bitcoin can also be used to support residency applications and other activities requiring validation of financial security. It is likely that the purposes for which we need to provide proof of our Bitcoin holdings is going to increase. However, without proof of property Bitcoin has no utility beyond its resale value. How does one prove to a third party proof of property in a still nascent digital asset?
This is where Hoseki comes in. They are seeking to provide a much-needed service in the market to produce independent and trustworthy proof of Bitcoin reserves, opening up Bitcoin's value. Being developed by Bitcoiners means that the basic principles of privacy and security are top of mind in terms of their product development. It also means they are in lockstep with the Bitcoin philosophy.
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | That's the one thing Bitcoin does really well is that it's it has these proper |
| 0:06.4 | threats that allow you to enforce the fact that you do own Bitcoin and so that's |
| 0:10.8 | what I'm most focused on is building a great rap or an experience around that. |
| 0:15.4 | Hello there, how are you all? |
| 0:18.0 | It's about one in the morning here in Bedford. |
| 0:21.6 | I've just got back from the football. We just beat Letchworth back on |
| 0:25.2 | our winning run and I'm having a beer. I'm completely wired from the game. Can't sleep. |
| 0:30.4 | So I thought I'd record my intro for the show which is coming up tomorrow |
| 0:33.2 | Danny's gonna be happy I'm getting this done nice and early. Anyway, welcome to the |
| 0:37.0 | What Bitcoin did podcast which is brought to you by Gemini the only place I'm |
| 0:40.5 | using for buying Bitcoin. I'm your host Peter McCormack and today I've got an |
| 0:44.5 | interview with Sam Abassie, the founder and CEO of Hoi Seki. Now Sam actually |
| 0:49.2 | reached out to me because of the Football Club. We hold Bitcoin at the football club, we have a |
| 0:53.1 | Treasury and a float. The Treasury is like a long-term Bitcoin, but we also hold a |
| 0:58.0 | float for when we take payments in Bitcoin at the club or online and as part of the income reports I do every month for the club I explain the money coming in out |
| 1:07.8 | But I also wanted to show the balance of our Bitcoin I wanted to be pretty transparent about that almost like our proof of reserves |
| 1:13.7 | although because we're not holding anyone else's funds it's less of an issue but I |
| 1:17.0 | just wanted to be transparent about it and I was publishing our Z-Pub so people can |
| 1:21.6 | prove it and check the balance of the addresses. |
| 1:24.0 | And then Sam reached out to me and said, |
| 1:25.0 | listen, our product, Hozeki, can do all of this for you. |
| 1:28.0 | So, it seemed pretty cool. |
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